Daily Archives: January 29, 2016

Tea Board to take over management control of 7 tea estates

By | January 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 28th January, 2016 S.O. 260(E).—Whereas attention of the Central Government has been drawn through various representations to the deteriorating condition of the tea gardens of West Bengal, in particular the tea gardens owned and… Read More »

Govt notified revised Tariff Policy for Power

By | January 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF POWER RESOLUTION New Delhi, the 28th January, 2016 TARIFF POLICY No. 23/2/2005-R&R (Vol-IX).—1.0 INTRODUCTION 1.1 In compliance with section 3 of the Electricity Act 2003, the Central Government notified the Tariff Policy on 6 th January, 2006. Further amendments to the Tariff Policy were… Read More »

Passenger jetty at Kanhoji Angre Island by Mumbai Port Trust

By | January 29, 2016

Mumbai Port Trust to build passenger jetty at Kanhoji Angre Island. Union Minister for Shipping and Road Transport & Highways Shri Nitin Gadkari recently laid the foundation stone for construction of a passenger jetty at Kanhoji Angre Island in the presence of Union Minister for Heavy Industries & Public Enterprises, Shri Anant Geete and the… Read More »

MoU to provide 1 lakh trade apprentices for youth in 3 years

By | January 29, 2016

MoU to provide 1 lakh trade apprentices for youth in over 3 years Ministry of Skill Development and Entrepreneurship in line with Prime Minister’svision to make India skill capital of the world, yesterday signed a Memorandum of Understanding (MoU) with Yashaswi Academy for Skills with an objective to exponentially expand the number of apprentices in… Read More »

Settlement application not valid if self-assessment tax not paid

By | January 29, 2016

Held we uphold the contentions of the Revenue by holding that the assessee had not paid the self-assessment tax in the return of income under Section 153-A and 143(2) of the Act for the assessment years 2007-08 to 2012-13, the application was not valid and quashed the order dated 26.05.2014 (Annexure R/4) passed by the… Read More »

Compensation for loss of source of Income is Capital Receipt

By | January 29, 2016

Held It was further observed in Khanna & Annadhanam (supra) as under: “The arrangement with DHS was in vogue for a fairly long period of time (13 years) and had acquired a kind of permanency as a source of income. When that source was unexpectedly terminated, it amounted to the impairment of the profit-making structure… Read More »

Publishing of newspaper is not charitable activity,Not exempt

By | January 29, 2016

Held Publishing of newspaper is a commercial line which cannot be considered as charitable activity, so as to grant exemption u/s.11 of the Act. Accordingly, we are in agreement with the lower authorities and we deny the exemption u/s.11 of the Act. IN THE ITAT CHENNAI BENCH ‘A’ Murasoli Trust v. Assistant Director of Income-tax… Read More »